Foreign exchange rates should be determined by markets, said Bruederle, who was attending the G20 meeting in place of Germany's hospitalised finance minister.

Bruederle said he was positively surprised by the results of the meeting, which he said surpassed expectations.

There were intensive discussions at the meeting about a letter from the U.S. Treasury Secretary calling for action in tackling foreign exchange and trade imbalances, Bruederle said.

Geithner's focus was on China, but Germany, Japan and Korea were also in focus, Bruederle said, adding that he regarded the U.S. plans as having "planned economy elements."

? Bundesbank President Axel Weber, who is also a member of the European Central Bank's Governing Council, said regulators were in the final stages of bank regulatory reform and it was now up to lawmakers to implement the new rules soon.

Solutions were still needed for dealing with system-relevant banks, Weber said, adding that these should include an orderly insolvency mechanism.

The Financial Stability Board (FSB) should make proposals for dealing with such system-relevant banks by next summer at the latest, Weber added.

America has given up its bank regulatory to a Financial Stability Board,china how will have a said in our banks The FSB has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies and to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies. It brings together national authorities responsible for financial stability in significant international financial centres, international financial institutions, sector-specific international groupings of regulators and supervisors, and committees of central bank experts.

A list of institutions represented on the FSB can be found here .

The FSB is chaired by Mario Draghi, Governor of the Bank of Italy. Its Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements. http://www.financialstabilityboard.org/

SEOUL  A global regulatory body has agreed a broad plan to tighten supervision of big financial institutions blamed for triggering the 2008-9 economic crisis, a senior South Korean official said Thursday.

Chin said FSB members had made an informal agreement and "conclusions will be reached" when the body holds a full meeting in Seoul next Wednesday.

The FSB, which was created last year by the Group of 20, will report its recommendations to a G20 summit in Seoul on November 11-12, Chin said.

He said the summit will "be remembered as a breakthrough event to lay out a new global financial order... including Basel III."

Top central bankers meeting in Switzerland in September agreed a set of new bank regulations, called Basel III, aimed at preventing a repeat of the financial crisis. The Basel Committee on Banking Supervision will meet in Seoul next Tuesday.

Nations have been torn over how to tighten regulation of banks and other big financial firms blamed for causing the financial rout.

Emerging economies have argued their fledgling financial institutions are not culpable in the recent crisis and cannot afford new restrictions, while advanced countries have advocated the plan more strongly.

Chin said FSB members were discussing how to define global SIFIs, which would face stricter rules than smaller firms with less global influence.

They will also discuss expanding communications between regulators in countries where big companies are headquartered and other nations where they have branches, he said.

"The new rules on SIFI will make great contributions to stabilising the global financial system.... We have made great efforts to make developing countries' voices reflected in the process," he said.

Expansionary monetary policy didn't start with Obama, but has been going on for decades now. It's the secret American flavor of socialism: Instead of healthcare for all it's houses for all thanks to artificially low interest rates.

Money supply should be driven by the market. The best way to do that is to aim for a low inflation target, neither constricting credit nor pumping unnecessary liquidity into the system to create bubbles.

That war ended over 65 years ago, most of the people alive then are dead. Get over it. The Germans are right, Turbo Timmy and the Fed are intentionally devaluing the dollar which is playing hell in other countries by pushing up inflation in all of our trading partners. If you think this is a good thing then you’re nuts, unless you like your wealth being destroyed while they give yet another pass to the Banks. Oh and Germany never really had any hot chicks, they all look like Frau Merkel IMHO, now those Russian chicks, yeow! ;)

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